Silver break above $17 an ounce would attract more buyers
NEW YORK (Scrap Register): Silver could draw upside momentum if it can break through $17 an ounce, said Commerzbank in a snippet.
The metal poked above its sideways corridor and threatened $17 on Monday. The technical picture here has improved noticeably in recent days, analysts pointed out.
If the price were to exceed the $17 mark, this could lure in further buyers and continue the price rise. Silver has certainly made good some ground vis-à-vis gold in recent weeks – the gold/silver ratio has dropped below 77, its lowest level since early January, Commerzbank added.
The ratio measures how many ounces of silver it takes to buy an ounce of gold, with a declining number meaning that silver is outperforming gold, and vice-versa.